Whale faces $11M loss on CXMT short as funding fees hit $3.82M

A whale address, 0xf292, is sitting on losses of more than $11 million while maintaining a short position of 2.9 million CXMT worth about $26.13 million, according to on-chain analyst The Data Nerd. The unrealized loss stands at about $7.26 million, while cumulative funding fees paid to keep the position open have reached $3.82 million. The Data Nerd added that the $3.82 million was not a loss caused by adverse price moves, but simply the cost of maintaining the short position. When funding fees are this high, losses can continue to build even if the price does not move, The Data Nerd said.